Copeland, Although option expiration may skew things little bit over next day or so, I would like to see that fear element manifest its head tomorrow and get em reeling in doubt about the market direction again. I think it is more of the same tomorrow, but now we need to look for pockets of strength.
I want this BKX to probe below BKX 780 intraday and UTIL action will be of interest whether we turn back up tomorrow or test intraday UTIL 318.
For me, tomorrow may be that day to go LONG at the close Rydex-wise and you may able to get the winners in a downdraft on the cheap one last time... QCOM, JDSU, VSH, DITC, GMST, ORCL, WFC, JPM, MER just to name a few.
I will be on it closely need to keep that pulse of market to detect even the chance that something worse may not materialize.
I look at the economic calendar for the remainder of the month I see International trade on Friday, Durable Goods and Chicago PMI next Friday - Consumer Confidence on the 30th, new home sales on 31st but the calendar now is light between now and end of month.
I think this Interest rate fear fixation will after tomorrow or soon thereafter dissipate and we will be able to rock higher...
But these next two days for me are little tricky and dangerous will fight thru it...
Best Regards, J.T. |
